Written by

Detroit Free Press Business Writer

An affiliate of Grand/Sakwa Development has a tentative agreement with Wells Fargo to buy foreclosure rights to the 80-acre site, according to bank spokeswoman Elise Wilkinson.

Grand/Sakwa is undertaking a due diligence review of the site, Wilkinson said. If the deal closes, the developer could foreclosure on the corporate entity or entities that hold ownership title, then proceed with its own plans.

Matthew Gibb, deputy Oakland County executive, said he considers the recent agreement between Grand/Sakwa and Wells Fargo a promising sign that “the biggest eyesore we have in Oakland County” could get transformed.

“They’ve got to put a significant amount of resources and time into doing the diligence to see if they could put a project together there, and that costs a lot of money,” Gibb said. “So (this) is a sign that they think they can pull it off.”

The site fronts busy Telegraph Road and, despite its name, is 95% inside the city of Pontiac. Just a sliver is in Bloomfield Township. It includes a dozen or so half-built buildings and parking structures, remnants of the $350-million initial phase of an upscale town center that never got completed.

Construction on Bloomfield Park came to an abrupt halt in November 2008 as the economy crashed.

The main target of any future foreclosure action would appear to be New York-based Coventry Real Estate Advisors. Court records show Coventry was an 80% owner in a development partnership formed in 2006 to build Bloomfield Park; its partner was shopping center developer DDR of Beachwood, Ohio.

Their venture defaulted on a $48-million construction loan from Wells Fargo, although DDR eventually paid its $9.8-million obligation, records show.

Gibb said Grand/Sakwa is looking at a variety of potential uses for the site and could reuse some of the buildings.

Oakland County could help with redevelopment assistance, including possible brownfield funds.

Gibb said it’s unlikely the developer would want to complete the ambitious Bloomfield Park vision for 80-some stores, pricey condominiums, a hotel and big outlays of office space that was once laid out by local developer Craig Schubiner.

“It’s not going to be these big upscale retail stores and fountains,” Gibb said. “It’s most likely to be more high-end research development, medical (offices), combined with complementary retail and restaurants.”